One Bad Apple Spoils the Whole Market

With Apple in bear territory, stocks have lost their leader. But a buying opportunity lies ahead.

Leadership is important in any market, and for the entire run of the bull market that began in 2009 the undisputed leader was Apple (ticker: AAPL). But with the stock now down more than 20% from its September all-time high, its reign as king of the market is clearly over.

With its cloak of invincibility gone, its outlook is far from rosy for the near term. But stick around for a few weeks; the stock looks likely to fall to a quite...